A Punchlist is essential since it serves to keep everything on track at the last phase of any project. It is a clear demonstration of pending tasks such as minor repairs, checking equipment, cleaning up, etc, so that everyone in the workforce is aware. This eliminates confusion, wastes less time, and does not give rise to last-minute quarrels. In layman's terms, a punchlist will ensure that the project is completed up to a certain standard and the transition to the client is seamless.